Market News
- The Dow jumped 285 points to close the holiday-shortened week on Thursday as the Fed unleashed another program designed to buoy local governments and businesses crushed by massive closures to stem the coronavirus outbreak.
- Under the Fed’s $2.3 trillion package, the U.S. central bank said it would work with banks to offer four-year loans to companies of up to 10,000 employees and directly buy bonds of states and more populous counties and cities.
- In a sign that the disease’s curve was flattening in New York, the epicentre of the U.S. outbreak, Governor Andrew Cuomo said new hospitalizations fell to a fresh low of 200 for the crisis, although deaths spiked to another new high.
Market Views
- Stocks in Asia were traded lower on Monday morning as the Organization of the Petroleum Exporting Countries and its allies reached an agreement on a record oil production cut of 9.7 million barrels per day. Nikkei 225 index slid 148 points while markets in Hong Kong are closed on Monday for Easter Monday.
- Trump said on Friday that he will soon be announcing a council to help re-open the country after the worst of the COVID-19 pandemic passes.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 23,479
Target price:
Protective stop:
Outlook
This index is now testing the Fibonacci 50% correction point at 23,878 again today. Price has to surpass Thursday’s high at 24,010 for further upside towards 25,220. A failure moves to penetrate above 24,010 could result in this index forming a potential tweezer top pattern and we are likely to see price moving lower to 21,790. Stochastic is still rising at the moment. MACD is still bearish but the fast line is rising above the zero line.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,409
Target price:
Protective stop:
Outlook
This index broke out from a continuation Flag pattern last Monday. The 20EMA is rising at the moment and is acting as support to the index. As long as index stay above the 20EMA at 24,160, we are likely to see this index moving towards 25,000 initially and then 25,700. Stochastic is moving higher but could be turning down. MACD is still bearish but the slow line is approaching the zero line as well.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8139
Target price :
Protective stop:
Outlook
This index has been capped by 8337 price resistance for the third times. A potential bearish engulfing candlestick pattern could be in the formation and if price close below 8200 today, and we are likely to see price moving lower to test the 20EMA and the breakout level at 7910. Price has to break above 8337 for further upside at 8560. Stochastic is moving higher at the moment. MACD is still bearish but the fast line is rising above the zero line.
Trading Idea
Wait for better trading idea
Nikkei 225 Index
(CFD Symbol: JP225)
Trend:
Recommendation:
Last: 19,261
Target price:
Protective stop:
Outlook
This index was resisted twice by the Fibonacci 50% correction point at 19,707. Price is now trading near this resistance again today. It has to penetrate above this resistance for 20,730. A potential bearish engulfing candlestick pattern could form. If price can’t break above 19,707 and violate the 20EMA 18,890, and we are likely to see price moving lower towards the support at 17,580. Stochastic is moving higher at the moment. MACD is still bearish but the slow line is approaching the zero line.
Trading Idea
Wait for better trading idea
